On Friday, January 9, ~$1.9 billion worth of Bitcoin options contracts will expire, specifically around 20,600 contracts. This event aligns similarly with previous expirations, and given the current trading environment, it seems unlikely to significantly affect spot markets.

Earlier in the week, markets peaked at a market cap of $3.3 trillion, but subsequent trading saw a decline.

Bitcoin Options Overview

For this week’s options, the put/call ratio stands at 1, indicating a balance between calls and puts. According to Coinglass, the max pain price sits at approximately $90,000, aligning closely with current spot prices, suggesting many traders might benefit from the expiration.

Open interest (OI) for the options, which represents contracts pending expiration, is considerable, with the highest OI at the $100,000 strike price, totaling about $1.8 billion. This is followed by substantial amounts at $75,000, $80,000, and $85,000 strike prices, as bearish momentum builds.

Combined OI for BTC across all exchanges is approximately $32.7 billion.

“BTC options traders kick off 2026 leaning bullish. The January $100,000 call option is the most popular bet, with a notional open interest of $1.45 billion,” noted Deribit earlier this week.

There is also a significant expiration of Ethereum contracts occurring alongside Bitcoin, with around 123,000 contracts worth $384 million and an OI of about $7.9 billion across exchanges.

Market Trends

Later in the week, the cryptocurrency market witnessed a downturn; Bitcoin briefly dipped below $89,500 but managed to recover to around $91,000 during Asian trading hours on Friday. Nonetheless, it remains under resistance above $94,000.

As for Ethereum, prices hovered above $3,000, re-entering the resistance realm of $3,100. However, altcoins have generally experienced losses.

Respective insights from trading entities indicate that the expiration events could dictate upcoming market momentum, making them critical moments to watch.